ECONOMIC ESSENCE OF THE ORGANIZED COMMODITY MARKET, ITS FUNCTIONS AND STRUCTURAL ELEMENTS

Abstract

The article highlights the theoretical aspects of the organized commodity market economic essence through the prism of the concept of "market" definition in the system of market relations. The study of the category "market" as a generally accepted economic category, which has been considered for a long time in the works of foreign scientists, is considered. Revealing the essence of the organized commodity market, it was established that it should be considered as a complex concept and a constituent element of the market economy. The economic essence of this concept is considered in the context of existing interpretations of the general category "market" in foreign works. It was established that the key elements in the interpretation of all definitions are: the role of the state; place of organization of trade; trading time; potential and desire of buyers; technological capabilities of sellers; objects of trade; financial calculations. Systematizing the views of foreign and domestic scientists, we can offer the following definition of the category "organized commodity market" – it is a complex multifunctional system of legal relations between market participants (professional and non-professional), which, using various exchange instruments and performing a large number of general economic functions, influence economic processes in market system at national or global levels. It has been established that the organized commodity market ensures liquid exchange trading of commodity assets and financial instruments due to the standardization of exchange contracts and the existence of exchange trading rules, which ensures sufficient universalization of trading on international and domestic exchanges. It was noted that the organized form of trade is designed to perform important functions for the market economy, which is aimed at forming a stable and competitive price for the main types of commodity assets. The place of the organized commodity market in the close relationship of its structural elements, which ensure the accumulation and transfer of investments and financial flows at the domestic and international levels, is determined.